Open economy develops rapidly in Shanxi province


Updated: 2021-11-25

Foreign trade, foreign capital utilization and foreign investment and commerce in North China's Shanxi province have performed well in the current year, achieving good momentum in terms of development, according to a press conference held by Information Office of Shanxi Provincial Government on Nov 24.

From January to October, the province's imports and exports amounted to 187.63 billion yuan ($29.38 billion), a year-on-year increase of 69.2 percent. The growth rate ranked second in China and was more than three times the national average. 

During the period, 103 overseas-funded enterprises were registered in Shanxi, accounting for 20.4 percent of all newly registered businesses in the province. Shanxi's actual utilized foreign capital increased 16.9 percent year-on-year to $240 million during the period, according to statistics from the Ministry of Commerce. 

In terms of foreign investment and cooperation, the value of newly signed contracts for international projects in the first three quarters was $1.06 billion, up 107 percent year-on-year and ranking fifth in the country for its growth rate. 

During the same time, foreign investment reached $212 million, up 56 percent year-on-year and ranking fifth in the country in terms of the rate of growth.

Since the Belt and Road Initiative was initiated in 2013, Shanxi's investment in countries involved in it has accounted for 32 percent of the total investment volume.